You might have heard that before going abroad, you must plan your study abroad budget. There are multiple costs involved when you go to study abroad. These costs include tuition costs, living costs, health insurance costs, flight charges and emergency funds.
Without calculation, it can be really difficult to survive abroad. The budget planning is important because there are not only these charges but also the hidden costs that are generally not visible.
Through this blog, you are going to get all the knowledge about the funds required to study abroad.
Key Costs to Consider When You Plan Your Study Abroad Budget
Tuition Cost
This cost is the backbone of your study abroad expenses. This is generally written on your offer letter, but tuition cost is not all about that. There are so many other costs involved that most of the students are not aware of.
Generally, a student spends 12 lakhs to 38 lakhs Indian rupees on the tuition fees depending on the country. The costs other than tuition fees are stationery material, lab fees, software and exam fees.
So when you are planning your budget, include all of these costs in that as well.
Living Expenses
These expenses are not limited to your accommodation rent only, they include groceries, transportation and utility expenses as well. We can say that this expense is totally dependent upon your lifestyle.
Generally, students spend between 95000 to 1.5 lakhs Indian rupees on their living expenses. Also, it depends on the city you are living in. The major cities like London, Newyork, Sydney and Toronto are much more costly than the other cities.
You would need to manage your lifestyle to save money and live a comfortable life abroad.
Health Insurance Cost
This is necessary for you if you are going to study abroad because the hospitalisation charges are very high abroad. So getting health insurance saves you from big expenditures.
But health insurance also has a cost, and students pay 50000 to 240000 lakhs on health insurance yearly.
One point to be noted is that health insurance does not cover all medical expenses. It only covers the hospitalisation charges. If you are going for regular checkups and any therapy you can’t get the claim for that.
Flight and Travel
When you book your tickets, you might think that it is the only cost you have to pay. That’s not the reality; there can be multiple expenses due to extra luggage, emergency travel back home and domestic travel.
Generally, a student spends 50000 to 1.5 lakhs Indian rupees on a one-way ticket abroad. You may save your money by booking tickets online on websites like makemytrip. You can get help from a Delta Edu Group(Delta Immigration)Counsellor to make a smart financial plan. To know more, book a free consultation session with us.
Emergency Planning
You have to plan a budget such that you have an extra 3-5 lakhs in your pocket in case of an emergency. In a foreign country, it can be difficult for you to arrange money instantly, so you should have a backup.
To Conclude
So you have seen that there are many additional expenditures involved, other than the direct cost. You have to cook at home, use student discounts, get scholarships and avoid unnecessary expenditure.
Changing your lifestyle can be important if you want to achieve something big. It’s not about not spending on the basic needs, it’s about avoiding extravagancies.
